Market Brief: Nifty, Sensex Erase All Gains, Sectors in Red

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Market Brief: Nifty, Sensex Erase All Gains, Sectors in Red
Credit: © Reuters.

By Malvika Gurung -- Indian equity benchmark indices made a positive opening on Tuesday, tracking gains across global markets as fears of a banking crisis were allayed after First Citizens BancShares (NASDAQ: FCNCA ) struck a deal to acquire the loans and deposits of the failed Silicon Valley Bank (NASDAQ: SIVB ) for $72 billion.

However, headline indices gave away opening gains and slipped to the red zone. At 12:25 pm, Nifty50 declined 0.23% to 16,947.4 points and Sensex traded flat with a negative bias, dipping 52.18 points.

The market fear barometer India VIX dropped 0.6% to 15.3 levels while writing.

Read Also: First Citizens Bank Soars 54%, Hits 52-Wk High on SVB Deal, Soothes Fears

Adani stocks Adani Enterprises (NS: ADEL ) and Adani Ports (NS: APSE ) led losses on the Nifty pack, tumbling upto 8% in the session, while heavyweights Hero Moto, Bharat Petroleum (NS: BPCL ), Tech Mahindra (NS: TEML ), ONGC (NS: ONGC ) and Tata Motors (NS: TAMO ) followed.

Barring Nifty Financial Services , all sectoral indices under the Nifty umbrella sank in the afternoon trade, led by Nifty PSU Bank and Nifty Oil & Gas . Nifty Bank traded flat.

Market majors Coal India (NS: COAL ), UPL (NS: UPLL ), NTPC (NS: NTPC ), Dr Reddy’s, IndusInd Bank (NS: INBK ) and ICICI Bank (NS: ICBK ) were among some biggies providing support to Dalal Street.

Key US contracts Dow Futures gained 0.35% and Nasdaq 100 Futures rose 0.25%.

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